Michael Saylor isn’t slowing down his Bitcoin buying spree. Over the weekend, the Strategy co-founder and executive chairman posted his popular Saylor tracker, hinting that the company is poised to make its 11th consecutive weekly BTC purchase, extending a buying streak that began back in mid-April.
“In 21 years, you’ll wish you’d bought more,” Saylor posted to his 4.4 million followers on X. The comment followed the company’s most recent acquisition on June 23, when it picked up another 245 BTC for $26 million.
Strategy now controls a staggering 592,345 BTC, worth over $63.6 billion at current market prices. The firm’s investment, which has appreciated over 52% since purchase, represents an unrealized gain exceeding $21.8 billion.
Saylor’s relentless accumulation has made Strategy the undisputed heavyweight among public companies with Bitcoin treasuries. For context, it holds more than twice as much BTC as the next 20 largest corporate holders combined.
Market Divided Over Potential Supply Shock
Strategy’s outsized position has fueled an ongoing debate among analysts and traders. Some argue that the scale of its holdings could create a structural supply shock that pushes prices higher, especially if more institutional investors emulate Saylor’s approach.
According to data from BitcoinTreasuries, Strategy’s Bitcoin cache is already distorting the supply-demand dynamics in the market.
Others, however, are warning that this corporate Bitcoin treasury model—financed largely through debt and equity raises—could backfire if prices sharply retrace.
Matthew Howells-Barby, VP of Growth at Kraken, echoed those concerns.
“This can be a solid playbook if there’s no unnecessary risk in the structure of the debt,” he told CoinrockMedia.
“But once the financing gets too exotic, you risk being forced to sell—and then things can spiral out of control.”
Still, supporters counter that Strategy’s methodical buying discipline has been critical in reinforcing Bitcoin’s reputation as a credible long-term reserve asset.
Only the Strongest Treasuries Will Survive the Next Bear Market
While Strategy has shown remarkable staying power through past downturns, newer entrants face a far tougher road ahead. A recent report from venture capital firm Breed concluded that most smaller treasury firms lack the scale or balance sheet resilience to weather extreme volatility.
“When failures inevitably hit, the strongest players are likely to acquire distressed companies and consolidate the industry,” the report noted.
Breed’s researchers argued that while Strategy is in a unique position—thanks to its massive BTC reserves and experience operating through a previous cycle—newcomers will struggle.
“They will have to raise capital on tougher terms and at higher leverage ratios,” the authors said, suggesting that even a moderate price correction could force some companies to liquidate holdings.
This dynamic, ironically, could feed the very volatility that Bitcoin treasuries were intended to hedge against.
Quick Facts
- Michael Saylor, Strategy co-founder and executive chairman has hinted that the company is poised to make its 11th consecutive weekly BTC purchase.
- Strategy has amassed 592,345 BTC, the largest corporate holding in the world.
- The company’s Bitcoin position has gained over $21.8 billion in unrealized profits.
- Analysts are split on whether Saylor’s strategy will trigger a supply shock or a future liquidity crisis.
- Venture firms warn that most smaller treasury companies are unlikely to survive the next bear market without painful consolidations.
